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Divorce and finances

Many changes and adjustments must be made following a divorce in Michigan. Talk to a person who has been divorced, or who is going through a divorce, and ask what the biggest adjustment involved, and one may hear a response that involves finances. How well the adjustment went, or how badly, may be partly reflected in how good financial communication was during the marriage.

A recent study revealed that almost 56 percent of people who have been divorced claimed that they seldom, if ever, discussed finances with family members versus 27 percent of the study respondents from the general population. Financial stress can lead to anxiety and depression, which can permeate one’s entire being and make daily living a challenge. Life following a divorce can be hard enough without the added stress.

Financial hardship is something that most people will experience at some pint in their lives. It is not a thing to be embarrassed about, and yet many people allow themselves to become embarrassed, which prevents them from discussing it. Being open and honest regarding finances can lead to a better understanding of one’s situation and may also help facilitate a smoother divorce settlement should that become necessary.

While discussing financial situations openly and honestly with family members may be healthy, it may not yield the best advice. If one is considering a divorce in Michigan, one may wish to consult with an experienced family law attorney who can take a look at the big financial picture and make recommendations on a sensible way forward. Doing so can keep the best interests of the new family dynamic at the forefront of negotiations.